However, both forecasts have increasingly looked optimistic after a series of weak economic data prompted institutions like the European Commission and the International Monetary Fund to predict slower growth than the government.

Asked if government’s target for a public sector budget deficit of 2.3 percent of output was under threat, Philippe acknowledged the weaker outlook would have an impact on the public finances.

“But that does not prevent us from sticking to our commitments on reducing taxes while reining in public spending and debt,” he added.

Philippe said that the government, which is under pressure from Brussels and the IMF to detail its savings plans, wanted to reduce spending in particular on ineffective policies like housing or subsidized jobs.

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